Average U.S. savings account rate hovering at 0.21%

The average annual percentage yield on savings accounts in the U.S. is currently 0.21 percent, according to a new report.

Go Banking Rates, El Segundo, Calif., released this finding in a summary of results from a survey of deposit account rates offered by local banks and credit unions. Go Banking Rates performed a study of the interest rates offered by the more than 4,000 banks and credit unions in its interest rate database to determine where the top savings account and certificate of deposit rates in the U.S. can be found.

The survey reveals national averages for interest rates on savings accounts, six-month CDs, one-year CDs and two-year CDs, plus the top 10 financial institutions currently offering the best bank interest rates in each category.

The survey shows that the average interest rate on six-month CDs is presently .32 percent, while one-year CD rates average .47 percent APY, and two-year CDs fare a bit better with an average rate of .70 percent APY.

Of all the financial institutions in the Go Banking Rates database, Twinstar Credit Union is currently offering the highest savings account rate of 1.60 percent APY, the survey states. This is followed by the Houston Police Credit Union with a savings account rate of 1.15 percent APY. Third place is taken by Corps of Engineers Credit Union, which is presently offering members a savings interest rate of 1.26 percent APY.

Two banks fell into the top 10 savings account rates in the nation: Salem Five Direct, a community bank in Massachusetts offering the fourth-highest rate of 1.25 percent APY, and Biscayne Bank of Miami, Florida, rounding out the top 10 with 1.0 percent APY.